Statutory obligation · valuation · board and management
Insurance for the VvE
A VvE (Dutch owners' association) has to insure the building, but that does not mean the association is covered. Liability, directors' and officers' liability and legal expenses cover determine at least as much about what can go wrong.
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A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
An owners' association is required by law to insure the building against fire and storm damage. When it comes to it almost every VvE chooses extended or comprehensive cover based on an agreed rebuild value.
In addition, a VvE usually needs liability for the building, directors' and officers' liability for the often unpaid board members, legal expenses for disputes with contractors and owners who do not pay, and sometimes glass, personal accident and environmental damage cover.
What the VvE does not insure is the individual resident's owner's interest: the kitchen, bathroom and flooring they installed themselves. That boundary is set out in the deed of division.
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What to look out for
Valuation every six years
A valuation under Article 7:960 of the Dutch Civil Code gives six years' protection against underinsurance. Expired valuations are the most common cause of a shortfall that is then apportioned among the owners.
The deed of division determines the boundary
What is communal and what is private follows from the deed. That boundary determines whether a loss falls under the VvE policy or on the owner.
Board members are personally liable
Unpaid board members can also be held responsible for improper management, for example where maintenance has been neglected.
Reserve fund and long-term maintenance plan
An up-to-date long-term maintenance plan helps when cover is assessed and in discussions about the cause of a loss. Deferred maintenance is excluded everywhere.
This information is general in nature and is not personal advice. What is actually covered, including exclusions and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover.
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Buildings insurance against fire and storm is compulsory. Liability, directors' and officers' liability and legal expenses cover are sensible additions; glass, personal accident and environmental damage cover depending on the situation.
Who pays the premium?
The VvE, out of the owners' joint contributions. The premium is part of the budget adopted by the general meeting.
What if the VvE is underinsured?
Then payment is made in proportion when a loss occurs and every owner contributes to the shortfall. An up-to-date valuation prevents that.
What does the owner arrange themselves?
The home contents and the owner's interest: everything installed after handover, such as the kitchen, bathroom and flooring.
What is covered and what is not
What is covered
Situation
Statutory minimum
Complete VvE package
Fire damage to the stairwell and the corridor to the storerooms
Yes
Yes
A visitor trips over a loose tile in the communal garden and breaks their hip
No
Yes
An owner pays no contribution for two years and the association has to go to court
No
Yes
A board member is held personally responsible for years of postponed roof maintenance
No
Provided that
Water from a burst pipe in the duct runs into three flats
Provided that
Yes
Theft of the volunteer handyman's toolbox from the communal storeroom
No
No
The statutory obligation goes no further than the building; everything that can happen to the association as a legal entity is in the additional covers.
